The American rare earths company seeking to topple China's dominance | 60 Minutes
In a Nutshell
China dominates over 90% of global rare earth magnet production, vital for smartphones, EVs, fighter jets, and defense tech, leaving the US vulnerable to supply weaponization. MP Materials revived the only active US rare earth mine at Mountain Pass, California—acquired in 2017 by two hedge fund managers—and now mines, refines neodymium-praseodymium, and produces magnets in Texas. The Pentagon invested $400 million for a 15% stake, a 10-year price floor, and 10x production ramp-up by 2028 to secure domestic supply chains against China.
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Last week, President Trump postponed a summit with his Chinese counterpart on account of the war with Iran. When Trump and Xi Jinping meet, rare earth elements will figure prominently. China holds a near monopoly over these strategic metals key to smartphones, robotics, EVs, fighter jets, drones, and radar technology. China controls materials essential to America's ability to wage war.
Tonight, the story of an American company confronting this elemental crisis. It mines rare earth elements, processes them, and makes them into superpowered magnets. It's part owned by American taxpayers in an unusual deal crafted by the federal government.
An hour southwest of Las Vegas, in the Mojave Desert past California, lies a massive cavity in the ground—the only active rare earth mine in the US. Mountain Pass is an unlikely battleground in the trade war with China.
Are we stepping on rare earths as we speak? >> Yes. Everywhere you look is rare.
Michael Rosenthal and James Latinsky are in charge. Two Floridians, finance types suddenly trafficking in mining and metallurgy.
You have no background in geology and now you're running the biggest rare earth mine in the US. >> This is just such an important site and the idea that this entire supply chain was on the other side of the world in China. It just occurred to us that someone had to help fix this problem.
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